Flexsteel's first-quarter profits rise 1.5% despite sales decline
Larry Thomas -- Furniture Today, October 19, 2011
DUBUQUE, Iowa — Flexsteel Inds. said its profits were up 1.5% in the fiscal first quarter ended Sept. 30, despite a 6.5% drop in sales.
The upholstery and case goods resource said sales declined in both its residential and commercial furniture divisions, but noted that new orders received, but not shipped, during the quarter were 8.4% above the same quarter in 2010.
Net income for the quarter totaled $2.38 million, up from $2.34 million in last year's fiscal first quarter. Because of a slightly higher number of shares outstanding in the most recent quarter, both income totals are the equivalent of 34 cents per share on a fully diluted basis.
Sales totaled $81.5 million, down from $87.2 million in the same quarter last year. The company said residential net sales fell 4.1% to $62.5 million, and commercial net sales declined 13.7% to $19 million.
In a statement accompanying the earnings announcement, Flexsteel said it believes sales growth will be modest for the fiscal year, which ends June 30, 2012.
"Macroeconomic conditions, such as high unemployment, minimal job growth, a weak housing market and low levels of consumer confidence continue to adversely impact our business," the company said.
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